SOL/USDT) Bullish trend analysis Read The caption

2 days ago

SMC Trading point update



Technical analysis of SOL/USDT (1-hour timeframe) — a potential continuation move within an ascending channel.
Here’s the complete breakdown


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1. Market Structure

Price is moving inside a rising channel, confirming a bullish structure with higher highs and higher lows.

The two black trendlines outline this ascending pattern, indicating overall upward momentum.



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2. Key Zone (Demand Area)

The blue box marks a demand or buy zone around $154–$155.5, aligned with the Fibonacci retracement levels (0.62–0.79).

This zone represents a potential retracement area where buyers may step in to continue the uptrend.



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3. EMAs as Dynamic Support/Resistance

50 EMA (blue line) = $159.36

200 EMA (black line) = $167.71

Price is currently below the 50 EMA but still above the mid-channel trendline, suggesting temporary correction before continuation.

Once SOL bounces from the demand zone, reclaiming the 50 EMA would confirm momentum shift back to bullish.



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4. Expected Move

The chart projects a short-term pullback into the demand zone (0.705–0.79 retracement).

From there, a bullish reversal is expected, leading to a continuation toward the upper boundary of the channel.

Target point: Around $167.7, matching the 200 EMA and channel resistance.



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5. Summary

Trend: Bullish (ascending channel)

Bias: Buy the dip / Continuation upward

Entry Zone: $154 – $155.5 (blue demand zone)

Target: $167 – $168

Invalidation: Break below channel support (~$150)



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Trading Idea Summary:
“SOL remains in a bullish channel. Price is retracing toward the 0.705–0.79 Fibonacci demand zone, where buyers are likely to re-enter. A bounce from this area could trigger a continuation move toward the $167 resistance zone.”


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yesterday

Trade closed: target reached